All-Energy 2013: GIB stokes up biomass boiler company

Shaun Kingsbury, chief executive of the Green Investment Bank.
Shaun Kingsbury, chief executive of the Green Investment Bank.

The Edinburgh-based Green Investment Bank (GIB) will be involved in a £10million investment into biomass boiler firm Roundwood.

Earlier this month, the GIB said it had committed to lending and investing £635million during the first five months of operation. The bank has supported the Energy Saving Investments (ESI) fund, managed by Equitix, to invest in the Roundwood project, which will replace traditional heating systems in public and private community facilities with biomass boilers.

The GIB will give a total of £50million to ESI for investment in one of the bank’s priority sectors – non-domestic energy efficiency.

GIB has in total £3billion to support green energy and energy efficiency projects across the UK.

Shaun Kingsbury, the bank’s chief executive, said: “The GIB is helping to fund energy efficiency measures for everyone from our largest companies, to individual households through the Green Deal.

“Today’s announcement will provide a low-cost and straightforward way for a range of organisations like schools, leisure centres and local businesses to switch their old, inefficient and high emission boilers for new energy-efficient biomass ones; saving energy, cutting emissions and saving them money.”